With Regulatory Sandbox, RBI Looks to Create Innovation Test Lab For Fintech
19 April 2019 4:51 AM GMT
After successful sandbox testing, fintech startups may still need regulatory approvals before their products, services, or technology can be permitted for wider application.
- Acknowledging the recent innovations by fintech startups, the Reserve Bank of India (RBI) has now released a draft 'Enabling Framework for Regulatory Sandbox' that will allow fintech startups to test within a regulatory sandbox (RS).
- After successful sandbox testing, fintech startups may still need regulatory approvals before their products, services, or technology can be permitted for wider application, according to the draft.
- A regulatory sandbox refers to live testing of new products or services in a controlled or regulatory test environment for which regulators may (or may not) permit certain relaxations for the duration of testing.
- With this RBI looks to provide an environment to fintech startups for limited-scale testing of a new product or service before a wider-scale launch.
- The post With Regulatory Sandbox, RBI Looks to Create Innovation Test Lab
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